Oil: USD 42.21 for one barrel
Regional, Economics, 8/25/2004

World oil prices continued its slight decrease on Tuesday with the return back of the Iraqi oil exports to normal levels. A matter which eliminated fears on the shortage in the displayed oil whose prices reached record highs.

Iraq resumed production in its northern oil fields following a suspension that lasted for three months and also resumed its exports via its southern ports for the first time since two weeks. This, however, resulted in the decrease in the price of later contracts of the American crude oil of October oil contract in Nimex to USD 44.75 per one dollar so as to reach its lowest level in the last nine days. At closure official data in the Bourse showed that the price of crude oil reached USD 45.21, representing a decrease of 84 cents of the closure price on Tuesday.

In London, the price of Brent mixture reduced in October contracts at 71 cents to USD 42.32 per one barrel. RIFCO commissioning company said that: oil is still in a defense position after the delayed contract of Nimex failed to reach USD 50 and that exports from Iraq seem to be increasing at the meantime.

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